As we embrace Pride Month, it’s a vital time to address and combat discrimination and inequality. Here’s how you can contribute to positive change.


This Week In Your Wallet: Rainbows & Rays Of Hope  

Happy Pride Month! While summer may still be a few weeks away, this month brings us some significant events. Notably, we mark the 100th anniversary of the Tulsa Massacre. As highlighted in powerful imagery, “35 blocks were destroyed, countless homes and businesses lost, and 300 lives taken.” Four generations later, those affected continue to face economic challenges, illustrating the ongoing racial wealth gap. Today, President Biden is set to visit Tulsa to unveil plans aimed at supporting minority-owned businesses and addressing housing discrimination. For more insights on economic disparities, check out our analysis on the financial status of Black women.

With the kickoff of Pride Month, we acknowledge the ongoing financial hurdles faced by the LGBTQ+ community. As noted, creating a financially secure life remains a challenge. As noted by an expert, “Last year, federal law finally prohibited employers from firing or discriminating against workers based on sexual orientation. The Supreme Court affirmed that Title VII of the Civil Rights Act protects LGBTQ+ individuals.” Yet, the work is far from complete. For every dollar earned by a man in a traditional marriage, a woman in a same-sex relationship earns $0.79, while a man in a same-sex couple takes home $0.98. Furthermore, 20% of LGBTQ+ women living alone are in poverty. These statistics highlight the need for continued support, and as we celebrate Pride this month, consider supporting these 8 LGBTQ+-owned brands. Use your purchasing power to advocate for equality and inclusivity year-round.

Teen Financial Success

Teens in my neighborhood are thriving financially. Since returning home from college, they’ve been diligently saving. Emma, always impressive, is charming customers at a local golf course and earning tips. Meanwhile, Brett is juggling three jobs: lifeguarding at dawn, working at an animal shelter during the day, and delivering for DoorDash at night. I thought about how rare it is for teens to find jobs, then I spotted an article titled: “The Luckiest Workers In The World? Teenagers.”

At Kennywood amusement park near Pittsburgh, wages have surged from $9 to $13 per hour, plus a free season pass for up to three family members. In Henderson, KY, the city raised wages and lowered the minimum age to attract more lifeguards. Overall, the employment rate for 16-to-19-year-olds is the highest since 2008.

However, it's primarily white teens who are landing jobs, while Black and Hispanic teens face more challenges due to transportation issues and hiring disparities in urban areas. Experts express concern that excessive work hours may detract from school performance, especially after the pandemic's impact on education. Research indicates that working more than 20 hours weekly can be detrimental. Yet, my own study showed that teens who work often find greater financial stability later in life.

It's important to note that job availability varies geographically. According to a recent report, some regions, like northern New England and the Plains, have three job openings for every applicant, while others like New York see fewer opportunities.

By the way, if you're stepping into a new role and want to negotiate a better salary, check out these tips for 2021.

Financial Fresh Start

Everywhere, signs indicate a return to “normal.” Some developments are promising, but others, like soaring airfare prices, are less appealing.

If you feel inspired to take action, why not focus that energy on your finances? New beginnings, whether prompted by the start of a month, a birthday, or the post-pandemic era, are perfect opportunities for a fresh financial start, according to Katy Milkman, author of the bestseller How To Change. Stay tuned for our upcoming podcast interview with her!

Here’s our guide to revamping your finances in just 30 days. Looking for a better credit card to earn travel miles for that long-awaited vacation? You’re ready to take advantage of those low mortgage rates? If you’ve made improvements to your home and haven’t updated your homeowners insurance, don’t forget to do that. And if home improvements are on your agenda, here’s how to achieve that designer look on a budget.

Bean Alternatives

I was ready to take a break from beans, at least until winter. Even the cheesy black bean bake we loved needed a pause. And perhaps you feel the same, especially with the rising meat prices at local supermarkets. It’s not just you. Pork prices have surged 4.8% from last year, and beef and veal prices are up 3.3%. Factors like restaurant reopenings, labor shortages, and increased consumer demand are driving these increases. In the meantime, how about firing up the grill with some veggies?

Inflation Concerns and Solutions

Worried about inflation? As outlined by USA Today, some inflation is unavoidable given government spending. However, there are ways to safeguard your finances. Consider investing in real estate, commodities, and value stocks. Additionally, as highlighted by a recent WSJ article, look into Ibonds— inflation-protected U.S. Savings Bonds currently yielding 3.54%. They’re low-risk (the yield can’t drop below 0) and exempt from state and local taxes. Just note, there are limits on how much you can invest annually and withdrawal restrictions apply.

For more information, visit treasurydirect.gov.